BCS Forex Company OverviewTrading PlatformsMarketsSpreads & CommissionLeverageMobile AppsPayment MethodsDemo AccountDeals & PromotionsRegulationAdditional FeaturesAccount TypesBenefitsDrawbacksTrading HoursCustomer SupportTrader SecurityBCS Forex VerdictAccepted CountriesAlternatives to BCS ForexFAQ
BCS Forex is an online broker offering over 420 tradeable instruments, including currencies, commodities, stocks, and indices. With a choice of two trusted trading platforms, as well as competitive spreads and leverage, read this review to find out if BCS Forex is right for you.
BCS Forex Company Overview
BCS-Forex Ltd was founded in 2004 and is registered under BCS Markets Ltd, in Saint Vincent and the Grenadines. Its partner company FG BCS Ltd is based in Nicosia, Cyprus.
With over 15 years of experience, the broker has expanded its FX services to include advanced trading platforms and comprehensive training to suit all levels of traders.
Trading Platforms
MetaTrader 4
MetaTrader 4 (MT4) is a downloadable platform suitable for both beginners and experienced traders. Features include:
30 built-in indicators plus custom options
9 time-frames & 24 graphical objects
Economic news feed
Automated trading
One-click trading
Historical data
Trailing stop
BCS Forex trading platform
MT4 can be downloaded from the Trading Platforms page on the broker’s website.
MetaTrader 5
MetaTrader 5 (MT5) offers all the same features as MT4 but with added technical features including:
21 time-frames, 38 technical indicators, 44 graphical objects
Advanced Market Depth (Level II pricing)
Financial news & economic calendar
Hedging & netting
MT5 can also be downloaded from the broker’s website.
Markets
BCS Forex offers multiple financial instruments:
Currencies – Trade 35+ spot currency pairs, including EUR/GBP, USD/GBP, and AUD/USD
Indices – Trade eight of the world’s leading indices including the FTSE 100 and US 500, as well as two Russian indices MOEX and RTS
Stocks – Access over 40 US stocks including Tesla, IBM, and Facebook, plus over 30 Russian stocks
Commodities – Trade precious metals plus oil and natural gas
Cryptocurrency – Trade on Bitcoin USD
Spreads & Commission
Spreads vary depending on the account type. With the Direct account, spreads start from 0.7 pips on major currency pairs, such as the EUR/USD. With the NDD and Global accounts, spreads start from 0.2 points and 1 point respectively. Note that spreads are fixed on the Pro account and start at 1 pip for the EUR/USD.
Spreads on major indices such as the US 500 start at around 8 points and average around 40 for the FTSE and DAX.
Other costs include a rollover or swap fee charged on positions held overnight, as well as a $100 monthly inactivity fee charged to accounts left dormant for six months.
Leverage
BCS Forex offers fairly high leverage limits compared to competitors. The maximum leverage across all account types is 1:200. For specific assets, maximum leverage and minimum required margin levels vary as follows:
Currencies – 1:200 leverage. 0.5% margin
US stocks – 1:10 leverage. 10% margin
RU stocks – 1:20 leverage. 5% margin
Metals – 1:100 leverage. 1% margin
Indexes – 1:17 leverage. 6% margin
Energy – 1:9 leverage. 12% margin
Bonds – 1:50 leverage. 2% margin
Softs – 1:12 leverage. 9% margin
Mobile Apps
BCS Forex mobile app
BCS Forex offers both the MetaTrader 4 and MetaTrader 5 platforms in a mobile app, which can be downloaded to any iOS or Android device.
The mobile app offers all the same features as the web platform but with the convenience of trading 24/7 anywhere on the go.
Mobile features include:
Interactive charts with scaling and scrolling
Minimum traffic consumption
Push notification support
User-friendly interface
Payment Methods
Deposits
BCS Forex offers several free deposit options, including bank transfers in EUR and USD, cards in USD, EUR, and RUB, e-wallets (QIWI and Yandex Monday) only in RUB, and internal transfer between accounts in USD, EUR or RUB.
Bank transfers take 2 to 3 working days, whilst e-wallet, card, and internal transfer options are instant. All methods are free, though there may be external fees for credit cards.
Withdrawals
Withdrawals can be made using the same options as above, but commission rates will apply. For bank transfers in EUR and USD, the commission is €40 and $35 respectively. Card payments and e-wallets are charged at 2.5%, while for Qiwi Wallet and Yandex Money the rate is 3.5%. Internal transfers are free.
Processing times also vary. E-wallets and internal transfers are instant, card payments take 1 to 3 days, and bank transfers take 2 to 3 working days.
Note that internal transfers between accounts are only possible within one trading platform (MT4 or MT5), not between both.
Demo Account
BCS Forex offers a demo account where beginners can test and learn various trading strategies. A demo account can be opened once you sign up for a Personal Account on the website. Users are free to choose between MT4 or MT5 but will need to specify some parameters upon sign-up, such as leverage and currency.
Deals & Promotions
Active and wealthy clients on BCS Forex can earn Tripcoins to spend on travel privileges such as flights and hotels. However, users would need to hold a total balance of at least $20,000 to benefit from a 500 welcome Tripcoins bonus.
Note 1 Tripcoin = 1.5 cents.
Regulation
BCS-Forex Limited is registered in Saint Vincent and the Grenadines and has an office in Cyprus. Despite this, the broker isn’t regulated by any of the well-known regulators, such as the FCA or CySEC. As a result, we’d recommend caution when opening an account, as you may not get the same degree of legal protection found at other providers.
Additional Features
BCS Forex offers several extra tools for traders, including:
An economic calendar
A training course for beginners
Expert forecasts and market analysis
Account Types
BCS Forex offers four account types, which all use either MT4 or MT5 and require an initial deposit of $1. Leverage limits remain the same across all four options at 1:200 and the minimum position size is 0.01 lots.
The main differences between the accounts are; the instruments traded, the spreads offered, the execution type, and additional features, such as demo account availability. The Pro and Direct accounts both offer demo accounts and would be the preferred choice for beginners.
NDD (non-dealing desk) – Uses MT4 & MT5. Trade on FX only
Global – Uses MT5. Trade on FX, CFDs & cryptocurrency
Direct – Uses MT5. Trade on FX, CFDs & cryptocurrency
Pro – Uses MT4. Trade on FX & CFDs
Benefits
Users of BCS Forex benefit from:
Competitive trading conditions & minimum deposit
MetaTrader 4 and MetaTrader 5 platforms
Good customer support
Free banking service
Four account types
Drawbacks
Disadvantages of using this brand include:
UK, Europe, and the USA not accepted
$100 inactivity fee after six months
Limited beginner promotions
Trading Hours
Trading hours vary depending on the market and account type. These are laid out on the Contract Specifications page.
For FX, hours for the Pro, Global, and Direct accounts are 24/5 (0:00 Monday to 23:55 Friday EET) and for the NDD account, trading hours are 24/5 (00:05 Monday to 23:55 Friday EET).
For gold, silver, and platinum, markets open on Monday at 01:00 and close on Friday at 23:55 EET.
Specific hours for stocks and other markets can be viewed on the broker’s website.
Customer Support
The BCS Forex customer support service is available Monday to Friday from 9:00 am to 9:00 pm GMT+3. There is no telephone number, however, they can be contacted via email at support@bcsmarkets.com or by using the call-back request form.
There is also an online chat service that can be accessed on the right-hand side of the webpage. Upon testing the service, responses were received within a few minutes.
BCS Forex Ltd is registered at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Kingstown, Saint-Vincent and the Grenadines.
Trader Security
To ensure data exchanges are safe and secure, both the MT4 and MT5 platforms comply with industry-standard security requirements, including 128-bit Secure Sockets Layer (SSL) encryption.
BCS Forex Verdict
With years of experience, particularly in the Russian market, BCS Forex has a competitive offering for both beginners and experts. The broker offers a range of accounts, two of the most popular platforms, and a decent suite of education resources. Our only concern is the questionable regulatory status. To create a safer trading environment, we’d like to see a license with one of the widely-regarded regulatory agencies.
Accepted Countries
BCS Forex accepts traders from Thailand, Canada, South Africa, Singapore, Hong Kong, India, Norway, United Arab Emirates, Saudi Arabia, Kuwait, Qatar and most other countries.
Traders can not use BCS Forex from Afghanistan, Algeria, Angola, Australia, Colombia, Cote D’Ivoire, Cuba, Congo, Eritrea, United Kingdom, Iran, Iraq, Japan, Lebanon, Liberia, Libya, Myanmar, Nigeria, Korea, Pakistan, Sierra Leone, Somalia, Sudan, Syria, United States, Yemen, Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Ireland, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden.
Alternatives to BCS Forex
If you are looking for alternatives to BCS Forex we have compiled a list of the top 5 brokers that are similar to BCS Forex below. This list of brokers like BCS Forex is in order of similarity and only includes companies that accept traders from your location.
RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.
TP Global FX – TP Global FX offers a long list of popular financial assets with spreads from 0.1 pips. With a focus on innovation and transparency, they are a growing brand.
LiteForex Investments – LiteForex Investments Limited is a regulated Forex & CFD broker offering the MT4 & MT5 trading platforms.
FXChoice – FXChoice is an offshore retail broker offering MT4 and MT5 platform downloads.
FXOpen – FXOpen is a highly regulated FX & CFD broker offering multiple trading platforms.
FAQ
What accounts does BCS Forex offer?
BCS Forex offers four different account types: Global, NDD, Pro, and Direct. Leverage limits and minimum deposits are the same across all accounts. The differences predominantly lie in the instruments traded and demo account availability. The Pro and Direct accounts are the preferred options for beginners.
How do I open an account with BCS Forex?
To open a trading account, you will need to first register for a Personal Account (PA) on the website. From within the PA portal, you will then be able to select which account you wish to open.
How much capital do I need to trade on BCS Forex?
The initial deposit across all accounts is $1, making it accessible for new traders. The minimum trade size is 0.01 lots.
What leverage is available at BCS Forex?
Leverage across all accounts ranges from 1:10 to a maximum of 1:200. See the broker’s website for a breakdown of specific leverage rates across different accounts.
Is BCS Forex regulated?
BCS Forex is not regulated or licensed with a major regulatory body. Instead, they are registered in Saint Vincent and the Grenadines.